Thursday, June 17, 2010

Markets continue bullish action...

The market indexes lingered in negative territory for most of the day. However, another late day rally pushed the indexes into slightly positive closes and away from distribution days. Technology stocks and in particular semi-conductors were the leaders today. Stocks like CRUS and AVGO exploded to new highs on powerful volume and AAPL continue its short term thrust today on the back of news of the explosion in pre-sales of its next generation i phones.

Just about every leading group closed positive today with the exception of the retailers in DECK. DECK closed down slightly negative at 0.18% but the retail ETF XRT was down by much close to 1.0% with many other leading stocks in the sector closing down by much more.

All in all the price action today was not bad and taking into consideration the weakness in retailers over the past three days DECK continues to look very good. So I maintain, until DECK triggers my "get out now!" signal I will continue to hold.

Good luck and good trading!

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